You own the physical media, not the contents. So you own the disk and the case. The contents of the disk, the art on the disk, the inserts in the case, and the box art are being licensed.
http://arstechnica.com/tech-policy/news/2010/09/the-end-of-used-major-ruling-upholds-tough-software-licenses.ars
Quote:
"We hold today that a software user is a licensee rather than an owner of a copy where the copyright owner (1) specifies that the user is granted a license; (2) significantly restricts the user’s ability to transfer the software; and (3) imposes notable use restrictions."
2 and 3 are the important ones because they apply to DRM, which is protected under the DMCA. Unfortunately the DMCA is such a huge catch-all style law that it even nullifies Fair Use and First Sale.
Quote:
The ALA contends that the first sale doctrine facilitates the availability of copyrighted works after their commercial lifespan, by inter alia enabling the existence of libraries, used bookstores, and hand-to-hand exchanges of copyrighted materials. The ALA further contends that judicial enforcement of software license agreements, which are often contracts of adhesion, could eliminate the software resale market,
Here's an older article that addresses your link http://arstechnica.com/tech-policy/news/2008/12/post-sale-life.ars/2
Quote:
In June 2008, the court affirmed Augusto's right to sell the discs after pointing out that the discs arrived unsolicited through the mail and were therefore "gifts" under federal law. Once more, the key issue of the "license" was not fully explored, though, since the receiver had never signed or viewed such a license before receiving the discs.